Problem: Module 8 Textbook Problem 8 Learning Objective: 8-7 Explain why corporote profits distributed as dividends are double-taxed James, who is in the 35 percent marginal tax bracket with a 15 percent tax rate on dividends, owns 100 percent of the stock of JU inc. This year, JJ generates $600,000 taxable income and pays a $120,000 dividend to James Compute his tax on the dividend under each of the following assumptions: Required: a. The spectal qualified dividend tax rate provided above applies to the dividend payment. Complete this question by entering your answers in the tabs below. Compute his tax on the dividend assuming the federal tax rules currently in effect apply to the dividend payment